STAMFORD, Conn.--(BUSINESS WIRE)--Gen Re announced today the results of an extensive study of ExamOne’s LabPiQture as a tool for Life underwriting. The goal of the study was to analyze the value LabPiQture brings to fluidless Accelerated Underwriting (AU) alternatives to traditional underwriting, while striving to minimize mortality impacts.
The analysis involved de-identified clinical laboratory tests between 2012 and 2019 of nearly 100,000 life insurance applicants maintained by ExamOne, a Quest Diagnostics company.
“Insurance exams and fluid specimens reveal important evidence for risk assessment of life insurance applications. Fluidless underwriting gives up some of this value - and insurance carriers need to offset the loss,” said Keith Brown, Senior VP, Chief Underwriter, Gen Re, Life & Health North America. “LabPiQture is a tool that incorporates clinical lab results from the extensive data of the two largest clinical reference laboratories in the U.S.”
The Gen Re research and development team created a roadmap for implementation of LabPiQture with respect to processing coded lab test record information, data clean-up, formatting, and rules generation.
As a result of this study, Gen Re recommends the use of LabPiQture:
- In underwriting during COVID-19 when traditional requirements may not be available
- As an enhancement to existing AU programs to offset some mortality slippage associated with such programs, as well as to improve time service for a larger segment of business
- As a tool in companies’ full underwriting requirements
“Now more than ever during this global pandemic, life insurers need actionable responses to current underwriting challenges,” said Gen Re’s Vincent DeMarco, President and CEO, General Re Life Corporation. “Our analysis demonstrates that the typical insurance lab test results contained in LabPiQture represent material mortality value and can replace some of the evidence lost by the elimination of fluid tests. With our analysis, Gen Re is positioned to assist our clients to meet their specific business needs.”
Gen Re’s white paper provides insight into the results of the study. To learn more about how best to incorporate LabPiQture into your Life underwriting workflow and improve your business results, read our white paper and contact Gen Re: https://knowledge.genre.com/evaluating-examones-labpiqture-as-a-new-tool-for-life-underwriting-white-paper.
About Gen Re
Gen Re, a Berkshire Hathaway Company, is one of the leading Life/Health and Property/Casualty reinsurers in the world. Our North America Life/Health reinsurance company, General Re Life Corporation, has superior financial strength ratings among Life and Health reinsurers. Gen Re delivers customized reinsurance programs and risk management solutions for the Life, Medicare Supplement, Critical Illness and Individual Disability Income markets. Through our research, we also offer valuable information and insights. www.genre.com
ExamOne, A Quest Diagnostics Company, is a leading provider in the risk assessment industry who is committed to empowering decisions with health-based insights. Through in-depth personal history and national specimen collection capabilities, as well as access to instant health-based data, we provide quick and reliable health insights for life insurers.